IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH "B", PUNE
Before Shri Shailendra Kumar Yadav, Judicial Member, and Shri R.K.Panda, Accountant Member.
Arising out of ITA.No.1425/PN/2012 (Asstt. Year : 2009-10)
CG Lucy Switchgear Ltd.,
F-10, MIDC, Ambad,
Nashik - 422010. .. Appellant PAN: AAACC9268P
Bangalore. .. Respondent
Assessee by : Sri Pradip Kapasi Department by : Ms.Vinita Menon Date of Hearing : 21.09.2012 Date of Pronouncement : 21.09.2012
PER SHAILENDRA KUMAR YADAV, JM:
The assessee vide this stay petition has requested to stay demand of Rs.42,35,056/-. The assessee submitted that recovery of impugned demand should be stayed till disposal of the appeal by the Tribunal and concerned Revenue authorities should be restrained from recovering the impugned demand in question. The assessee has strong prima facie case in its favour. Balance of convenience is also lying in favour of the assessee and assessee will suffer irreparable loss in case recovery of impugned demand is not stayed. Ld. Authorised Representative also submitted that assessee has financial hardships so it is not in a position to make any payment. On the other hand Ld. Departmental Representative submitted that the assessee will not suffer any irreparable loss in case recovery of the impugned demand is not stayed, so stay petition should be rejected.
2. After going through the above submissions and material on record, we find that this is not a fit case for granting the stay. However, in the interest of justice, the assessee is granted early hearing and the Registry is directed to fix the case on 12.10.2012.
3. Accordingly, the stay petition is disposed off as indicated above.
Pronounced in the open court on this the 21st day of September, 2012.
Sd/- Sd/- ( R.K.PANDA ) ( SHAILENDRA KUMAR YADAV ) ACCOUNTANT MEMBER JUDICIAL MEMBER
Pune, dated the 21st September, 2012
Copy of the order is forwarded to:
1. The Assessee
2. The ACIT(CPC), Bangalore.
3. The CIT(A)-I, Nashik.
4. The CIT-I, Nashik.
5. The DR "B" Bench, Pune.
6. Guard File.
Income Tax Appellate Tribunal,